# CORPORATE LIABILITY

## WRAP AROUND EXCESS

**ASSURED:** International Business Machines Corporation, IBM World Trade Corporation, IBM World Trade Europe/Middle East/Africa Corporation and IBM World Trade Americas/Far East Corporation and any other subsidiary or affiliated Corporation provided such other subsidiary or affiliated Corporation warrants that it is under the same operative and financial control through the identity of its Officers, Directors or Stockholders, including all entities, parties, affiliates, and other interests included in the underlying policies.

**ADDRESS:** Armonk, New York 10504

**POLICY PERIOD:** 12:01 A.M. Standard Time at the address shown above from January 1, 1980 to January 1, 1983

**LIMIT OF LIABILITY:** The maximum amount payable by the insurers under this policy shall be $100 million, each occurrence and in the aggregate annually with respect to all underlying coverages combined.

**TERRITORY:** Anywhere in the world.

**PREMIUM:** The three-year premium for $100 million limit is $2,845,474. payable during the term of this policy in annual installments of $948,491.33.

**INSURING AGREEMENT:** The undersigned Underwriters agree to indemnify the assured for loss in excess of the limits of the underlying policies as set forth in the attached schedule and up to the limits of liability of this policy.

**CONDITIONS:** This policy is subject to all terms and conditions of the underlying policies, applicable to the loss, except terms and conditions relating to premium payment and such other terms and conditions as set forth in this policy.

**UNDERLYING INSURANCE:** The assured will maintain underlying limits as set forth in "Schedule of Underlying Insurance including Renewals or Replacements" except for reduction of the underlying limits either by payment of claims in respect of occurrences arising during the underlying policy periods or by any joint venture clause. If these underlying limits are not maintained, this contract will apply to the same extent as if said underlying limits are maintained.